Practice - Balance Sheet
Enroll to start learning
You’ve not yet enrolled in this course. Please enroll for free to listen to audio lessons, classroom podcasts and take practice test.
Practice Questions
Test your understanding with targeted questions
What does a Balance Sheet represent?
💡 Hint: Look for the definition we discussed in class.
Name two categories of assets.
💡 Hint: They include items that you own.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What does the Balance Sheet summarize?
💡 Hint: Think about what the Balance Sheet describes.
True or False: Owner's equity represents the business's debts owed.
💡 Hint: Recall the definitions of equity and liabilities.
Get performance evaluation
Challenge Problems
Push your limits with advanced challenges
XYZ Corporation has current assets of $100,000, fixed assets of $250,000, long-term liabilities of $120,000, and short-term liabilities of $30,000. Calculate the owner's equity.
💡 Hint: Use the equation we discussed: Assets - Liabilities.
If ABC Company increases its liabilities to $200,000 while its assets remain at $400,000, what happens to the owner's equity?
💡 Hint: Think about how liabilities affect the owner's stake.
Get performance evaluation
Reference links
Supplementary resources to enhance your learning experience.